US Supreme Court to hear challenge against PCAOB
The US Supreme Court is to hear an appeal regarding a
constitutional challenge against the Public Company Accounting
Oversight Board, according to US media reports.
A conservative activist group, the Free Enterprise Fund, and a
small Nevada accounting firm have argued that the Sarbanes-Oxley
Act violated constitutional requirements on separation of powers
because it failed to allow adequate control of the board by the US
A US federal judge dismissed the lawsuit in 2007 and the
Washington-based US Federal Circuit Court of Appeals also rejected
the challenge last year.
Public sector standards come to fore
Government bailouts in the financial and automotive industries are
bringing international public sector accounting standards to the
forefront, according to International Federation of Accountants
president Robert Bunting.
“Convergence to international public sector accounting standards,
which has proceeded at a slower pace than convergence to those in
the private sector, is now urgent,” Bunting said.
These standards are already used by several governments and
organisations including the United Nations and the North Atlantic
Treaty Organization and are promoted by the World Bank.
Europe approves funding for accounting
The European Parliament has approved a new funding programme to
support several organisations that contribute to achieving
supervisory convergence and co-operation in financial reporting and
auditing. The Community programme will run from 1 January 2010 to
31 December 2013 and provide €38.7 million.
The beneficiaries are the European Financial Reporting Advisory
Group, the International Accounting Standards Committee Foundation
and the Public Interest Oversight Board.
IIA appoints new board
The US-based Institute of Internal Audit has appointed Roderick
Winters from Microsoft as chairman of its global board.Other
members elected to the board include Philip Tarling from UK firm
RSM Bentley Jennison and Michael Parkinson from KPMG Australia. All
officers will serve in their respective positions for one